Ampex Corp: Digital Storage Message Board

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Technology Stocks : Ampex Corp: Digital Storage

AMPX 12.44

-8.4%

Jan 30 3:59 PM EST

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To: Chadwick Morgan who wrote (96)	6/4/1996 6:13:00 PM
From: Milt Best	of 3256

To All: Here's the latest press release from AMPEX! 6/4/96 Ampex Files Shelf-2: Proceeds For Genl Corporate Purposes>AXC REDWOOD CITY, Calif. (Dow Jones)--Ampex Corp. (AXC) filed with the Securities and Exchange Commission to register up to 1.15 million class A common shares for possible future sale to the public. In a press release, Ampex said net proceeds would be used for general corporate purposes, which may include acquisition of certain specialized testing and production equipment for its keepered media research and development program if required. Upon effectiveness of the registration statement, the company may offer the shares from time to time in amounts, at prices and on terms to be determined at the time of offering. Ampex said the shares may be offered directly or through underwriters or agents, and market conditions and other factors will influence the timing, price and number of common shares offered. Prior to the issuance of any shares under the registration, Ampex had about 46.7 million common shares outstanding or issuable under to outstanding stock options. Ampex is involved in the fields of magnetic recording, image processing and high-performance digital storage. >>>>>>>>> I don't know if this is good or bad. The statement about using proceeds for keepered media testing and "production" equipment sounds good. Issuing more shares is bad short term but it could pay off later. It seems management has decided that keepered media is worth the effort. The latest quarterly report contains the following statements: "We are continuing development work on keepered media which is currently being tested by two manufacturers of hard disk drives. The testing will help us determine whether or not this technology is going to be of any commercial significance to Ampex in the future." I think since they are considering using the proceeds from the offering in the keepered media area, the testing must have been favorable. The "proceeds will be used for keepered media.....if required" part of the above press release has me puzzled. Any comments or additional info on the press release are welcome! Still long on AXC Milt

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